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Pullback For Ethereum-Bears Eyeing $190 Support

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Pullback for ethereum started over the weekend as the second largest cryptocurrency broke out of a consolidation period completing an asymmetrical triangle favoring the bulls. However, since then it began a pullback breaking the short-term support and now the bears are eyeing the $190 support as we are reading in the latest altcoin news reports.

On the 1-hour charts for ETH/USD, the price action is clearly visibly progressing after the breakout. The price levels tested the $240 resistance and failed to gain over the last few days which resulted in rejection causing a huge pullback for ethereum and breaking the short-term support at $217. The price levels have since continued to drop and it seems like they will re-test the visible range low at $189. It is also important to note that the volume remains relatively low on the pull-back and will now have to see a huge increase in selling momentum in order to cause a crash over the $189 support making it very likely that there could be a bounce-back as the market price tests the key support level.

On the 8-hour charts, the support is standing at $189 and originates from being the local top throughout the middle of April right before the price levels broke out and tested the $282 resistance level. The RSI has still yet to come to the oversold zone but it appears that it is getting near that trajectory. It is also likely that the RSI will be fully oversold which could be a good enough reason to consider re-entering the level. The volume appears to be flatlining in comparison to volumes that we have seen throughout April, May, and June. The Point of Control is now at $168 and will represent the next key support level in order to look out for the $189 breaks. The 15SMMA and 50MA can be seen crossing down over each other and this could signal a bigger downside.

In the latest cryptocurrency news, we saw that the Bitcoin Sentiment is very much bullish since the price levels are reaching to $2,000 since the beginning of the month. On the charts, you can clearly see a bullish pattern forming which could mean that the bulls have been in control over the price action over the past few days.

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Ethereum News

Analysts Expect Ethereum To Surge Towards $200 Soon

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Over the past week, we saw how Bitcoin, Ethereum and other cryptocurrencies stabilized and even lost a couple of percentage points following their rally. However, this is not a shocking scenario, given the fact that new capital influxes may be coming and that analysts expect Ethereum to visit $200 very soon.The truth is, many analysts are certain that the outlook for some cryptocurrencies remains bullish. One trader was recently featured in the ETH news for stating that the leading altcoin is poised to burst higher, at least from a medium-term perspective.We are talking about Satoshi Flipper, the analyst who recently noted that Ethereum's weekly chart is showing relatively bullish signs after bottoming around $120. He also noted that the Heiken Ashi candles which are a special charting technique used to more easily determine trends, have turned green on the weekly chart.Flipper also added that Ethereum has broken out of a falling wedge structure that constrained price action for six months.https://twitter.com/SatoshiFlipper/status/1220469147009798145This boded well for bulls as the analyst said and is why many other analysts expect Ethereum to visit $200 soon. Even though Flipper did not give a concrete price target in his tweet, the arrows on the chart suggest that $200 could be the right price point for the dominant altcoin.Even though it is seemingly bullish right now, the Ethereum price action is largely dependant on Bitcoin. The Bitcoin price news recently showed a correction of 6% but it is common knowledge that altcoins trace BTC.In that manner, we are all waiting for a new bull run and analysts expect Ethereum to rise only if Bitcoin surges. Fortunately for them, the leading crypto asset is looking good and may appreciate in the coming months.A rally to $12,500 was also in the news, submitted by the trader filbfilb in his Decentrader newsletter. He briefly summarized that "Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance" and that the cryptocurrency "will reach to at least $12,500 before the halving event."This call is notable and the analyst is seen as one of the most accurate crypto traders who predicted two bottoms and two rallies following them. The big question now is - will his new analysis turn out true? 
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Ethereum News

Ethereum Was The Most Coin-Correlated Crypto In 2019

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A new research in the latest cryptocurrencies news shows that Ethereum was the most correlated cryptocurrency to the other coins in the market in 2019. As the report created by the research arm of the major cryptocurrency exchange Binance outlined on January 22, throughout 2019 ETH had an average correlation coefficient of 0.69.The paper also compared correlation data of 20 top cryptocurrencies and read the following:
“Ether (ETH) is the highest correlated asset. With an average correlation coefficient of 0.69 throughout 2019, it is consistently among the most correlated assets. The coefficient started at 0.69 in Q1 and rose to 0.72 in Q4 (Q2: 0.65; Q3: 0.74).”
Ethereum was the most correlated coin and according to the report, it was much less correlated in the first half of 2019 compared to the second half. The second half was when it became the most correlated, and the paper points out that NEO and EOS which are described as the "programmable blockchains" often showed higher correlations with each other rather than with the non-programmable assets.The ETH news, however, are not the only topic of this report. Many other assets have been researched and have shown a high correlation with the rest of the market. These include Cardano (ADA), EOS (EOS), Litecoin (LTC), Ripple (XRP) and Binance Coin (BNB). Additionally, the researchers observed that correlation is higher among cryptocurrencies with higher market caps.Ethereum was the most correlated but the assets with the lowest correlation to the rest of the market were Cosmos (ATOM) with a correlation of 0.31, Chainlink (LINK) and Tezos (XTZ) which both scored 0.32 and 0.4, respectively. Overall, the median correlation between large cryptocurrencies decreased over the last quarter of 2019.Another very interesting thing was "the Binance Effect" which refers to the fact that the cryptocurrencies listed on Binance displayed higher correlations than the ones which are not present on the exchange. The firm's research shows that among the top ten cryptocurrencies by market cap we can also see Binance Coin (BNB) with higher returns than expected.All in all, the correlation between cryptocurrencies is definitely a topic which is growing in terms of awareness by users - but also a subject to debate. For instance, new data shows that BTC is less correlated to gold than many believe it to be - and the opinions on the market are split.
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Ethereum News

Ether Prepares For A Price Correction: Market Analysis

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Ether prepares to start a price correction according to the recent rally and the technical patterns that can be seen across the charts so let’s find out more in today’s Ethereum news.Ether prepares for a bullish impulse after it saw a price surge over 40 percent since the beginning of the year and this cryptocurrency went from trading at a low of $126.40 to a high of $179 on January 18. Right after the peak, ETH retracted to about 10 percent and has been contained in a narrow trading range ever since.  The low levels of volatility that were seen since then, suggest that a major price movement is coming soon.Based on the TD indicators, the next major price movement could be to the downside since this technical index recently showed a selling signal of ETH’s 3-day and 1-day chart in the form of a green nine candlestick. A bearish signal forecasts that it will pull back to the one to four candlesticks at the start of the new downward countdown. A red two candlestick trading below the preceding candle could be perceived as a confirmation of the bearish formation. In the meantime, a head and shoulders pattern seems to be developing on the ETH 4-hour chart and this technical formation shows a momentum reversal to the bearish side. Moving below the $165 level could start a sharp decline and this downtrend will have to be confirmed by a large spike in the sell orders.The bearish pattern projects a ten percent plunge that could take the price of Ether to $147. This target level is determined by measuring the distance between the head and the neckline thus adding it to the breakout point. The Fibonacci retracement indicators also prevail hitting a bearish target and the certain levels of support that Ether will have to break first.Finishing below the 23.6% Fibonacci retracement level, could be followed by a move down to the 38.2% Fibonacci retracement level sitting at $15 so if ETH is able to break through the significant level of support and a move to the 50% Fibonacci retracement level will become much apparent. A sudden increase in the demand for Ethereum could jeopardize the bearish outlook and if this crypto moves above the high of $179, Ether could advance to $191.
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Ethereum News

Strong Technical Pattern Shows ETH Is Gearing For Another Surge

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There has been a downside correction in the ETH news recently, when the cryptocurrency went from $180 to lows below $170 and $166 support levels. However, in today's analysis, we are seeing a strong technical pattern which shows that Ethereum is gearing for another major surge.The close below $170 and the 100 hourly simple moving average did a lot of bad things for the cryptocurrency and resulted in a major pullback which was similar to the one seen in Bitcoin. Finally, we could see a spike below the $162 support but the $160 area acted as a strong buy zone.A swing low is formed now near $160 and the price of Ripple is currently recovering. Ethereum climbed above the 23.6% Fib retracement level recently going from the $179 high to the $160 low. The strong technical pattern is now with resistance near the $170 area and we can see a key bearish trend line forming with resistance near $170 on the hourly chart of ETH/USD.So, what does all of this mean?Well, if we see a successful close above the $170 resistance area, we will likely see a new fresh increase towards the $178 and $180 resistance levels. Any further gains could obviously lead the price towards the $200 area. On the downside, the strong technical pattern fails to account for the possible shoulder move to the $162 area. If there is a bearish close soon, the price of ETH is likely to invalidate the highlighted inverse head and shoulders pattern.The next key support levels are near the $160 and $158 levels. If Ethereum fails to stay above $158, there is a risk of a larger decline in the near term - just like most of the coins in the altcoin news. A situation like that would bring ETH towards the $150 and $148 levels.With a price of $167 and 1% gains on the day, ETH looks nice and is definitely one of the altcoins to watch out for in the next period. If its cards play well just like Bitcoin's, we may see a total crypto market cap of more than $250 billion very soon.Right now, the technical indicators look as following:
  • Hourly MACD – The MACD for ETH/USD is still trying to gain momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is right now above the 50 level, holding a positive angle.
  • Major Support Level – $160
  • Major Resistance Level – $170
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